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<br /> <br />Lake Meredith Reservoir Co. <br />March 24-26, 2003 <br /> <br />Agenda Item 24c. <br /> <br />The lake Meredith Reservoir ComDanv <br />The lake Meredith Reservoir Company is a Colorado Corporation founded in 1907 for the <br />purpose of diverting, storing, conveying, and releasing water stored in lake Meredith for the <br />benefit of its shareholders. There are 85 shareholders and 40,621.385 shares of stock, of <br />which 88 percent are for municipal use, 11.3 percent are for agricultural use and the remaining <br />0.5 percent are for domestic use and well augmentation. Reservoir releases once irrigated <br />about 40,000 acres of agricultural land; currently about 3,500 acres are irrigated. The Company <br />has the power to set annual assessments, the power to terminate water deliveries to <br />shareholders that are in default, and the power to offer stock for sale to pay back assessments. <br /> <br />Water Riahts <br />The source of water for the reservoir is the Arkansas River. Water is diverted from the river <br />near Boone, under storage rights appropriated March 9, 1898. The diversions are conveyed <br />from the Arkansas River to lake Meredith through the Colorado Canal at rates up to 760 cfs. <br />Most of the diversions. up to about 550 cfs, flow to a structure northeast of Ordway where it is <br />divided between lake Henry and lake Meredith, and then southward to lake Meredith. Flow <br />rates in excess of 550 cfs are diverted out of the Colorado Canal into Bob Creek and are <br />conveyed to Lake Meredith through the Bob Creek streambed. Company records indicate <br />diversions for reservoir storage have averaged 14,400 ac-ft for the period August 1957 through <br />December 2002. <br /> <br />Proiect DescriDtion <br />The purpose of the project is to construct a new outlet channel for the reservoir that will avoid <br />the need for maintenance dredging in future years, be protected from sedimentation caused by <br />wave action, provide flexibility in the operation of the reservoir, and enhance the removal of <br />sediment from reservoir releases to the Arkansas River. The near-term objective of the project .- <br />is to enable reservoir releases to the minimum possible pool elevation in 2003. Three . <br />alternatives were considered: <br /> <br />1. The "No-action Alternative." <br /> <br />2. Reconstruction of the outlet channel at a lower elevation within the existing reservoir pool. <br />This will minimize the excavation volume and reduce costs. <br /> <br />3. Reconstruction of the outlet channel at the highest feasible elevation within the existing <br />reservoir pool. This will maximize the flexibility and accessibility of the new outlet system. <br /> <br />Alternative No.1 is considered unacceptable because the sedimentation problem is getting <br />progressively worse at a time when the water is desperately needed. <br />Alternative No.2 is feasible but has been ruled out because it is a short-term solution to the <br />problem. It is inflexible and provides no advantages other than the presence of a new outlet. <br />Alternative No.3 has been selected by the Company as the most feasible and justified <br />alternative. ($1,524,860) <br /> <br />The selected alternative, Alternative No.3, will ensure that water deliveries can be made from <br />the lowest pOSSible water pool, and will also provide many advantages over Alternative No.2. <br />The location near the high waterline will allow construction of a protective breakwater dike <br />(using the excavated soils), provide better accessibility and easier maintenance in future years, <br />and provide the means for removing sediment influx from Bob Creek. Excavation costs as low <br />as $0.85 per cubic yard are expected. <br /> <br />The implementation schedule calls for completion of financing arrangements in spring 2003. e <br />Final engineering design will be completed by May 2003. Construction will start in spring 2003 <br />and be completed in fall 2003. <br /> <br />2 <br />